Selling Price for my primary home

[Mus]

Hello, 

I sold my house for 615k but my 1099-s box 2 gross proceeds is 362850 which one should I use to selling price.

My other question is I bought the house on 9/15/2020 and sold it on 11/30/2022 and was my primary home for the whole period. Does I pass the two year test? Or I need to own the house for at least 5 years. 

Thank you!

[CatinaT1]

The selling price would be $615k.

You pass the 2-year test. The test is if it was your main home for at least 2 out of the last five years. 

[Mus]

Thank you for your help!  I am wondering where should I enter tho box 2 number ? It is different then the sale price. 

[KrisD15]

It is curious that Box 2 does not report 615,000 if that was the selling price. Is Box 4 checked? 

Box 2 should report the selling price. 

Form 1099-S

Did you do any 1031 exchange? (trading one property for another)

Did the Title company subtract an outstanding loan? 

What did you pay for the house and what is your filing status? 

If you meet the requirements for Section 121 Exclusion, you needn't enter the 1099-s. 

250,000 or 500,000 Joint. 

Requirements to exclude capital gains 

[Mus]

 Box 4 checked isn't checked  

Box 2 should report the selling price: I am not sure as that's why I was confused, do you think I should call the escrow as they are the one who issue 1099-s doc and see why it wasn't 615k

I didn't do any 1031 exchange. It is my first property that I bought and had to sell because of a divorce. 

Did the Title company subtract an outstanding loan: I had like 350k loans on the house when I want to sell and they pay the bank before sending whats left from the sale besides my equity 

What did you pay for the house and what is your filing status?  I paid 450k plus closing cost 10k. My filing is single. 

If you meet the requirements for Section 121 Exclusion, you needn't enter the 1099-s. 

250,000 or 500,000 Joint. 

I read that if I was issued 1099s I must file the doc, profit are under 250k and had the house for 2 years 

[JohnB5677]

I have no idea why the 1099-S was issued with a lower amount.  Regardless of which selling price you use it will not be a taxable event.

• I suggest you use the 615 K number as sale proceeds.
• If you bought the house on 9/15/2020 and sold it on 11/30/2022, you do qualify for the 2-year exclusion.
• With the $250K exclusion you will not owe any tax on the sale of your home.

Enter the sale of your principal residence:

1. Click on Federal 
2. Wages & Income
3. Scroll to Less Common Income, 
4. click on Sale of Home (gain or loss).
5. On the screen Sale of Your Main Home click the Yes box.  
6. On the Sold A Home screen, review the information you will need to enter and click Continue.  
7. Continue through the screens, entering the requested information.

If this does not completely answer your question, please contact us again and provide some additional details.